I have been shooting with an old lomo camera for quite a while now and the fun thing about the old "shoot from the hip" cameras is that you never know what you get. With digital cameras you can compose the image to be "perfect" and then edit it to look like a lomo shot in photoshop or in the iPhones CameraBag app. That takes away the fun of lomo photography.. This is how i imagine the perfect shoot from the hip app:

1. pick a camera. The pictures will finally look like pics from that camera (like vinjetting and wierd colors)

2. The screen turns black with only the name of the camera and how many pictures you have taken (you cant see what you are shooting.. no composing!)

3. Tap the screen to take a new picture. The whole screen triggers the camera. That way its easy to take pictures quick and from the hip without looking at the screen to find a small button

4. When you have taken 25 pictures you can press "develop", and after that you need to wait 48 or 24 hours until you can see the pictures! (you can shoot new pictures while you are waiting)

This is totally unique and would make a really cool app! Transform your iPhone to a real Lomo camera, with the right feeling! Personally i like the idea of you not beeing able to see what you are shooting and that you have to wait until you can see the photos. The wait part adds the exitement and prevents you from taking "do overs" if the photos are bad (the charm of lomo photography).

Someone up for making this app? (You should know a thing or two about the old cameras, dont just put on vinjetting and call it a lomo.. the app is pointless if it dont look real)

Sounds interesting...
But I would say make it more like a instant film camera (IE. Polaroid) and let the pictures/images slowly develop over a few min. add some random filters and or exposure’s.. You could even throw in the sound of the picture being expelled from the camera (if you want)...